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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 8/10

vs
industry
vs
history
Cash to Debt 1.39
WAT's Cash to Debt is ranked higher than
61% of the 384 Companies
in the Global Medical Devices industry.

( Industry Median: 4.48 vs. WAT: 1.39 )
WAT' s 10-Year Cash to Debt Range
Min: 0   Max: 336.71
Current: 1.39

0
336.71
Equity to Asset 0.50
WAT's Equity to Asset is ranked higher than
55% of the 367 Companies
in the Global Medical Devices industry.

( Industry Median: 0.65 vs. WAT: 0.50 )
WAT' s 10-Year Equity to Asset Range
Min: -0.05   Max: 0.7
Current: 0.5

-0.05
0.7
Interest Coverage 17.22
WAT's Interest Coverage is ranked higher than
58% of the 204 Companies
in the Global Medical Devices industry.

( Industry Median: 117.58 vs. WAT: 17.22 )
WAT' s 10-Year Interest Coverage Range
Min: 1.86   Max: 9999.99
Current: 17.22

1.86
9999.99
F-Score: 5
Z-Score: 6.08
M-Score: -2.49
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating margin (%) 27.17
WAT's Operating margin (%) is ranked higher than
97% of the 372 Companies
in the Global Medical Devices industry.

( Industry Median: 6.25 vs. WAT: 27.17 )
WAT' s 10-Year Operating margin (%) Range
Min: 8.08   Max: 28.55
Current: 27.17

8.08
28.55
Net-margin (%) 23.63
WAT's Net-margin (%) is ranked higher than
97% of the 372 Companies
in the Global Medical Devices industry.

( Industry Median: 4.71 vs. WAT: 23.63 )
WAT' s 10-Year Net-margin (%) Range
Min: -1.78   Max: 25.03
Current: 23.63

-1.78
25.03
ROE (%) 25.52
WAT's ROE (%) is ranked higher than
98% of the 368 Companies
in the Global Medical Devices industry.

( Industry Median: 5.93 vs. WAT: 25.52 )
WAT' s 10-Year ROE (%) Range
Min: -11.79   Max: 71.21
Current: 25.52

-11.79
71.21
ROA (%) 12.56
WAT's ROA (%) is ranked higher than
95% of the 382 Companies
in the Global Medical Devices industry.

( Industry Median: 3.43 vs. WAT: 12.56 )
WAT' s 10-Year ROA (%) Range
Min: -1.5   Max: 20.99
Current: 12.56

-1.5
20.99
ROC (Joel Greenblatt) (%) 71.52
WAT's ROC (Joel Greenblatt) (%) is ranked higher than
96% of the 381 Companies
in the Global Medical Devices industry.

( Industry Median: 13.35 vs. WAT: 71.52 )
WAT' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 27.77   Max: 135.81
Current: 71.52

27.77
135.81
Revenue Growth (%) 8.00
WAT's Revenue Growth (%) is ranked higher than
81% of the 301 Companies
in the Global Medical Devices industry.

( Industry Median: 5.00 vs. WAT: 8.00 )
WAT' s 10-Year Revenue Growth (%) Range
Min: 6.5   Max: 19.5
Current: 8

6.5
19.5
EBITDA Growth (%) 8.20
WAT's EBITDA Growth (%) is ranked higher than
84% of the 282 Companies
in the Global Medical Devices industry.

( Industry Median: -3.60 vs. WAT: 8.20 )
WAT' s 10-Year EBITDA Growth (%) Range
Min: 2.4   Max: 69.7
Current: 8.2

2.4
69.7
EPS Growth (%) 8.60
WAT's EPS Growth (%) is ranked higher than
80% of the 262 Companies
in the Global Medical Devices industry.

( Industry Median: -1.70 vs. WAT: 8.60 )
WAT' s 10-Year EPS Growth (%) Range
Min: 5.5   Max: 79.2
Current: 8.6

5.5
79.2
» WAT's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2013

WAT Guru Trades in Q2 2013

Paul Tudor Jones 100,000 sh (New)
Chuck Royce 13,250 sh (unchged)
Steven Cohen Sold Out
Manning & Napier Advisors, Inc Sold Out
Louis Moore Bacon Sold Out
Ruane Cunniff 2,118,237 sh (-0.06%)
Jeremy Grantham 66,300 sh (-1.34%)
Joel Greenblatt 6,320 sh (-6.23%)
PRIMECAP Management 683,754 sh (-7.98%)
Pioneer Investments 66,457 sh (-48.35%)
» More
Q3 2013

WAT Guru Trades in Q3 2013

Andreas Halvorsen 974,002 sh (New)
John Hussman 138,000 sh (New)
PRIMECAP Management 695,150 sh (+1.67%)
Chuck Royce 13,250 sh (unchged)
Paul Tudor Jones Sold Out
Ruane Cunniff 2,116,927 sh (-0.06%)
Jeremy Grantham 56,700 sh (-14.48%)
Joel Greenblatt 4,046 sh (-35.98%)
Pioneer Investments 41,057 sh (-38.22%)
» More
Q4 2013

WAT Guru Trades in Q4 2013

Steven Cohen 12,666 sh (New)
Jim Simons 86,100 sh (New)
Paul Tudor Jones 8,545 sh (New)
Joel Greenblatt 13,049 sh (+222.52%)
Chuck Royce 13,250 sh (unchged)
Pioneer Investments 41,057 sh (unchged)
Andreas Halvorsen Sold Out
PRIMECAP Management 688,950 sh (-0.89%)
Ruane Cunniff 2,084,496 sh (-1.53%)
John Hussman 135,000 sh (-2.17%)
Jeremy Grantham 54,333 sh (-4.17%)
» More
Q1 2014

WAT Guru Trades in Q1 2014

Jeremy Grantham 134,409 sh (+147.38%)
PRIMECAP Management 1,040,561 sh (+51.04%)
Jim Simons 121,017 sh (+40.55%)
Steven Cohen 16,907 sh (+33.48%)
Chuck Royce 13,250 sh (unchged)
Joel Greenblatt Sold Out
Ruane Cunniff 2,074,156 sh (-0.5%)
John Hussman 115,000 sh (-14.81%)
Pioneer Investments 21,592 sh (-47.41%)
Paul Tudor Jones 4,300 sh (-49.68%)
» More
» Details

Insider Trades

Latest Guru Trades with WAT

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
John Hussman 2014-03-31 Reduce -14.81%0.14%$98.04 - $114.94 $ 105.96-2%115000
PRIMECAP Management 2014-03-31 Add 51.04%0.04%$98.04 - $114.94 $ 105.96-2%1040561
Joel Greenblatt 2014-03-31 Sold Out 0.03%$98.04 - $114.94 $ 105.96-2%0
Joel Greenblatt 2013-12-31 Add 222.52%0.02%$95.25 - $106.48 $ 105.965%13049
John Hussman 2013-09-30 New Buy0.81%$98.16 - $107.73 $ 105.963%138000
Joel Greenblatt 2013-09-30 Reduce -35.98%0.01%$98.16 - $107.73 $ 105.963%4046
Joel Greenblatt 2013-03-31 Add 46.55%0.01%$86.22 - $94.96 $ 105.9615%6740
Joel Greenblatt 2012-12-31 Reduce -33.14%0.01%$78.89 - $89.33 $ 105.9626%4599
John Hussman 2012-09-30 Sold Out 1.1%$74.66 - $85.24 $ 105.9634%0
Joel Greenblatt 2012-09-30 New Buy0.04%$74.66 - $85.24 $ 105.9634%6879
Ruane Cunniff 2012-06-30 Add 35.43%0.37%$76.65 - $94.19 $ 105.9627%2119159
PRIMECAP Management 2012-03-31 Reduce -47.3%0.11%$73.71 - $94.03 $ 105.9630%1060740
Ray Dalio 2012-03-31 Sold Out 0.03%$73.71 - $94.03 $ 105.9630%0
Joel Greenblatt 2012-03-31 Sold Out 0.03%$73.71 - $94.03 $ 105.9630%0
Ruane Cunniff 2011-12-31 Add 72.52%0.42%$71.61 - $83.14 $ 105.9638%1563999
Ray Dalio 2011-12-31 New Buy0.03%$71.61 - $83.14 $ 105.9638%22873
Joel Greenblatt 2011-12-31 New Buy0.03%$71.61 - $83.14 $ 105.9638%2973
Ruane Cunniff 2011-09-30 Add 29918.2%0.7%$72.38 - $99.16 $ 105.9627%906550
John Hussman 2011-09-30 Add 9.89%0.11%$72.38 - $99.16 $ 105.9627%1000000
John Hussman 2011-06-30 Reduce -26.61%0.48%$85.96 - $99.56 $ 105.9613%910000
PRIMECAP Management 2011-06-30 Reduce -24.75%0.09%$85.96 - $99.56 $ 105.9613%2127764
Premium More recent guru trades are included for Premium Members only!!
» Interactive Charts

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Top Ranked Articles about Waters Corp

Coach, Waters, Netflix - ‘Biggest Losers’ Held by Gurus
Over 12 months, Coach Inc. (COH) is down 16%, Waters Corporation (WAT) is up 26% and Netflix Inc. (NFLX) is up 451%. All three companies are among the "Biggest Losers" in the S&P 500. Coach Inc. just reported that while its North American and international sales are down 1% year-over-year, the company is rapidly expanding in mainland China where sales are up 35% for the quarter. Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 22.90
WAT's P/E(ttm) is ranked higher than
88% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 67.60 vs. WAT: 22.90 )
WAT' s 10-Year P/E(ttm) Range
Min: 9.62   Max: 32.47
Current: 22.9

9.62
32.47
P/B 4.96
WAT's P/B is ranked higher than
59% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 3.46 vs. WAT: 4.96 )
WAT' s 10-Year P/B Range
Min: 4.61   Max: 20.15
Current: 4.96

4.61
20.15
P/S 4.80
WAT's P/S is ranked higher than
61% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 3.30 vs. WAT: 4.80 )
WAT' s 10-Year P/S Range
Min: 2.05   Max: 5.87
Current: 4.8

2.05
5.87
PFCF 25.05
WAT's PFCF is ranked higher than
88% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 9999.00 vs. WAT: 25.05 )
WAT' s 10-Year PFCF Range
Min: 9.67   Max: 42.67
Current: 25.05

9.67
42.67
EV-to-EBIT 17.04
WAT's EV-to-EBIT is ranked higher than
89% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 44.56 vs. WAT: 17.04 )
WAT' s 10-Year EV-to-EBIT Range
Min: 8.4   Max: 25.2
Current: 17.04

8.4
25.2
PEG 2.26
WAT's PEG is ranked higher than
92% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 9999.00 vs. WAT: 2.26 )
WAT' s 10-Year PEG Range
Min: 0.6   Max: 8.46
Current: 2.26

0.6
8.46
Shiller P/E 23.35
WAT's Shiller P/E is ranked higher than
95% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 9999.00 vs. WAT: 23.35 )
WAT' s 10-Year Shiller P/E Range
Min: 13.46   Max: 44.59
Current: 23.35

13.46
44.59
Current Ratio 4.46
WAT's Current Ratio is ranked higher than
82% of the 380 Companies
in the Global Medical Devices industry.

( Industry Median: 2.92 vs. WAT: 4.46 )
WAT' s 10-Year Current Ratio Range
Min: 1.19   Max: 5.24
Current: 4.46

1.19
5.24
Quick Ratio 4.01
WAT's Quick Ratio is ranked higher than
85% of the 380 Companies
in the Global Medical Devices industry.

( Industry Median: 2.16 vs. WAT: 4.01 )
WAT' s 10-Year Quick Ratio Range
Min: 0.74   Max: 4.75
Current: 4.01

0.74
4.75

Valuation & Return

vs
industry
vs
history
Price/Net Cash 392.45
WAT's Price/Net Cash is ranked higher than
79% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 9999.00 vs. WAT: 392.45 )
WAT' s 10-Year Price/Net Cash Range
Min: 401.52   Max: 401.52
Current: 392.45

Price/Net Current Asset Value 19.73
WAT's Price/Net Current Asset Value is ranked higher than
79% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 9999.00 vs. WAT: 19.73 )
WAT' s 10-Year Price/Net Current Asset Value Range
Min: 19.21   Max: 2783.33
Current: 19.73

19.21
2783.33
Price/Tangible Book 7.35
WAT's Price/Tangible Book is ranked higher than
61% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 5.99 vs. WAT: 7.35 )
WAT' s 10-Year Price/Tangible Book Range
Min: 6.42   Max: 1313.3
Current: 7.35

6.42
1313.3
Price/DCF (Projected) 1.53
WAT's Price/DCF (Projected) is ranked higher than
93% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 9999.00 vs. WAT: 1.53 )
WAT' s 10-Year Price/DCF (Projected) Range
Min: 0.87   Max: 11.06
Current: 1.53

0.87
11.06
Price/Median PS Value 1.11
WAT's Price/Median PS Value is ranked higher than
72% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 1.20 vs. WAT: 1.11 )
WAT' s 10-Year Price/Median PS Value Range
Min: 0.14   Max: 3.65
Current: 1.11

0.14
3.65
Price/Peter Lynch Fair Value 2.32
WAT's Price/Peter Lynch Fair Value is ranked higher than
94% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 9999.00 vs. WAT: 2.32 )
WAT' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.68   Max: 5.46
Current: 2.32

0.68
5.46
Price/Graham Number 2.72
WAT's Price/Graham Number is ranked higher than
82% of the 413 Companies
in the Global Medical Devices industry.

( Industry Median: 9.06 vs. WAT: 2.72 )
WAT' s 10-Year Price/Graham Number Range
Min: 2.3   Max: 20.36
Current: 2.72

2.3
20.36
Earnings Yield (Greenblatt) 5.90
WAT's Earnings Yield (Greenblatt) is ranked higher than
80% of the 287 Companies
in the Global Medical Devices industry.

( Industry Median: 4.90 vs. WAT: 5.90 )
WAT' s 10-Year Earnings Yield (Greenblatt) Range
Min: 4   Max: 11.9
Current: 5.9

4
11.9
Forward Rate of Return (Yacktman) 12.96
WAT's Forward Rate of Return (Yacktman) is ranked higher than
90% of the 306 Companies
in the Global Medical Devices industry.

( Industry Median: 0.97 vs. WAT: 12.96 )
WAT' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 6.1   Max: 27.2
Current: 12.96

6.1
27.2

Business Description

Industry: Medical Devices » Medical Devices
Compare:MDT, SYK, SMA, ZMH, STJ » details
Traded in other countries:WAZ.Germany
Waters Corporation is an analytical instrument manufacturer, mainly designs, manufactures, sells and services, through its Waters Division, high performance liquid chromatography, ultra performance liquid chromatography and mass spectrometry instrument systems and support products, including chromatography columns, other consumable products and comprehensive post-warranty service plans. These systems are complementary products that can be integrated together and used along with other analytical instruments. LC is a standard technique and is utilized in a range of industries to detect, identify, monitor and measure the chemical, physical and biological composition of materials and to purify a full range of compounds. MS instruments are used in drug discovery and development, including clinical trial testing, the analysis of proteins in disease processes, food safety analysis and environmental testing. LC is often combined with MS to create LC-MS instruments that include a liquid phase sample introduction and separation system with mass spectrometric compound identification and quantification. Through its TA Division, the Company mainly designs, manufactures, sells and services thermal analysis, rheometry and calorimetry instruments, which are used in predicting the suitability of fine chemicals, polymers and viscous liquids for various industrial, consumer goods and healthcare products, as well as for life science research. The Company is also a developer and supplier of software-based products that interface with the Company's instruments and are typically purchased by customers as part of the instrument system. The Company has two operating segments: Waters Division and TA Division. The Company has a diversified customer base that includes pharmaceutical accounts, other industrial accounts, universities and government agencies. The Company's other industrial customers include chemical manufacturers, polymer manufacturers, food and beverage companies and environmental testing laboratories. The Company's main competitors include: Agilent Technologies, Inc., Life Technologies Corporation, Thermo Fisher Scientific Inc., Varian, Inc., Shimadzu Corporation, Dionex Corporation and Bruker BioSciences. The Company owns a number of United States and foreign patents and has patent applications pending in the United States and abroad. The Company is subject to federal, state and local laws, regulations and ordinances that govern activities or operations that may have adverse environmental effects, such as discharges to air and water as well as handling and disposal practices for solid and hazardous wastes and impose liability for the costs of cleaning up and certain damages resulting from sites of past spills, disposals or other releases of hazardous substances.

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